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I've talked about @humanityprot a lot because it's the yet to launch project I like the most of anything in crypto. This is a bit more of a deep dive than my other threads into it. If you don't like longer posts, I'll also do the usual threads over the coming weeks as well.
The world is becoming more and more digital. Pretty much everything these days requires some form of identity, be it a simple log-in (for most apps) or something requiring full identity proof (e.g. financial services, jobs etc). Into this mix comes the issue of AI/bots (plaguing basically any website that they can have an impact on, and ranging in issues from scams through to electoral influence/interference) and the the inherent pseudo/anonymity of Web3. Bots now take up more than 50% of internet traffic, deepfake scams are rising fast, and fraud claims are soaring. All will only worsen as it's a really hard problem to solve. Oh, and 850m people worldwide also don't have a legal ID - preventing them from accessing things many of us take for granted.
To that end, Humanity Protocol is building a decentralised identity (DID) solution for Web3 which is specifically designed to verify human beings without compromising or unnecessarily spreading personal data. It directly addresses the critical need for sybil-resistance and privacy in an an increasingly AI-driven digital landscape because it lets you as a user prove you're a human being and it lets companies/organisations verify that you are a) a human and b) who you say you are but crucially c) leaves you in control of your data and means while each company can verify you meet their criteria (e.g. a human with X qualification or Y ability to participate in something), they don't see your personal data - thus preventing the inevitable data leaks that cause so many issues (and also stops them being fined huge amounts when they inevitably lose it/means they don't need to spend as much time on compliance and safeguarding).
This creates the identity graph, which as @terencekwok labels it, will be the universal trust layer for the AI era.
So how does it work? The Proof-of-Humanity (PoH) mechanism powers the whole protocol: users scan their palm with a mobile device, which instantly encrypts the image into a unique, non-reversible biometric signature. This signature - not the raw image, so no need to worry about that leaking and being used maliciously - is then stored and verified across a decentralized network of zkProofers to ensure privacy and prevent sybil attacks on the network. The next step, in Phase 2, is for advanced palm vein recognition and to onboard accredited institutions as validators.
This means Humanity can support a huge range of use cases such as e.g. fairdrops, sybil resistant governance voting, employment (verifiable credentials), marketing (advertisers can stop paying for fake bot clicks), age verification, payments (no need for cash/cards), building access, public transportation, KYC (no more sending a selfie of yourself with a written message to exchanges or sending your passport to an exchange that you suspect might be run by a couple of kids out of North Korea!), and events.
This last use case is an interesting one, especially for Web3 where people have to take huge pains not to have their identities become public due to the rising threat of becoming a target for thieves/kidnappers. To that end, Humanity Protocol today announced they had acquired Moongate, who handle conferences like Token2049, Binance Blockchain Week, and ETHDenver. This makes it a great example of what Humanity can do, as it can now support the 000's of tickets sold to Web3 events each year, and provides an obvious route to onboarding crypto natives quickly (which is something Worldcoin has been unable really to make much headway in, with most of the signups coming from typically poorer countries in exchange for rewards.
x.com/Humanityprot/s…
While Humanity have been at pains to not compare themselves to the project, there's only really one project that it can be compared to - $WLD. What are the main differences? Humanity uses palm recognition, while Worldcoin uses iris scanning (a bit more offputting to most). From a user perspective, people are used to using their hands to sign in (e.g. fingerprint scanners on phones), and it's also less invasive ($WLD has had some regulatory issues/temporary shutdowns in multiple countries). I believe Humanity also has more ongoing use cases - both from a user and enterprise perspective - than Worldcoin can offer. That said - $WLD is a positive comparison for Humanity, because WLD's current market cap/FDV sits at 1.8bn/11.5bn, while Humanity's last funding round was at 1.1bn FDV - i.e. under 10% of WLD's. Worldcoin currently claims 12.9m users, while Humanity's testnet (sign up here for potential airdrop testnet.humanity.org) currently has 8m+.
The final reason I like @Humanityprot so much is because every time I listen to @terencekwok speak I find him to be a great spokesman for the project. He always articulates well the real uses cases Humanity is aiming to solve - and I believe $H will deliver on his promise to create the identity graph, making it one of the most important projects in the whole space.
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